Section 88, The Insurance Act, 2016

(1) No insurer shall amend or change the conditions of acontract in respect of life insurance business during the currency of the policy except with the consent and concurrence of the policy holder. (2) A life insurance policy shall not be cancelled by the insurer except for non-payment of any premium due within the days of grace which shall not be less than thirty days if the premium is payable, at intervals of not less than three months, seven days if the premium is payable monthly, and three days if the premium is payable weekly: Provided that nothing shall prevent the revival or restoration of a cancelled policy contract on the same or modified terms if the insured complies with such conditions for the revival of the contract as may be specified in the policy. (3) A life insurance policy shall not be cancelled by reason of non-payment of any premium due, if the insured has paid premium continuously for such minimum number of years as may be specified in the policy: Provided that this benefit shall be available only in respect of such contracts under which the whole of the benefits becomes payable either on the occurrence, or at a fixed interval or fixed intervals after the occurrence of a contingency. (4) If the Commissioner is of the opinion that the benefits available to the holder of a life insurance policy in case he ceases to pay premium, are not fair and equitable to the policy-holder, he may after giving the insurer an opportunity of being heard, lay down the conditions which the policy-holder shall fulfil to secure the benefits and the formulae and basis on which the benefits available shall be calculated. 54 55 Records to be kept by intermediaries Power of Commissioner to investigate intermediaries Jurisdiction of local courts in respect of policies. Policy not invalid owing to failure to comply with the law. Distribution of profits of life insurance business Rights of holders of life policies.